July 20, 2020 / 6:19 PM / 22 days ago

Continental burns cash in Q2 as sales slump by 40%

BERLIN, July 20 (Reuters) - Continental suffered a 40% year-on-year decline in group sales during the second quarter, causing the German automotive supplier to burn cash and forcing it to refrain from providing an outlook for the current business year.

Consolidated group sales declined by 39.8% to 6.62 billion euros ($7.57 billion), the company said on Monday as it reported results early. Operating margin was minus 9.6% and reported free cash flow was a negative 1.78 billion euros.

$1 = 0.8745 euros Reporting by Douglas Busvine Editing by Michael Nienaber

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